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Biotech / Medical : PRCS

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To: Witold who started this subject	10/26/2001 7:17:26 PM
From: sim1	Read Replies (1) of 78

Sanofi says gives up rights to cancer drug PARIS, Oct 26 (Reuters) - France's Sanofi-Synthelabo said on Friday it had given up its rights to Abarelix, an experimental treatment for prostate cancer and endometriosis which was also abandoned by U.S. biotech giant Amgen Inc. (NasdaqNM:AMGN - news). Sanofi gave no reasons for renouncing the rights, acquired in 1997 from Praecis Pharmaceuticals Inc (NasdaqNM:PRCS - news) which would have allowed it to develop and market Abarelix in Europe, Latin America, the Middle East and Africa. Abarelix is the chemical name of prostate cancer drug Plenaxis. A spokesman for Sanofi also declined further comment. Sanofi's move follows an earlier announcement by Amgen and Praecis that they had agreed to end a pact to jointly develop and commercialise Plenaxis, sending Praecis stock tumbling more than 20 percent in New York on Thursday. Praecis said it would develop the drug on its own. The news from Sanofi and Amgen, which comes three months after the U.S. Food and Drug Administration rejected an application to market the drug as ``inadequate,'' suggests that the two firms have lost confidence that FDA concerns can be resolved.

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